Cops urge loan shark victims to come forward
(CNS): People who have fallen victim to a local loan shark who has been using passports as security are being asked to contact the police as part of an ongoing investigation by officers from George Town Criminal Investigation Department (CID). An RCIPS spokesperson said that the lender is suspected of offering cash loans at a very high rate of interest and then taking people’s passports as security on the debt. When borrowers miss payments or default on the loans, the suspect has reportedly refused to return the passports.
Police have already received a number of complaints, which triggered the investigation, and while those individuals are assisting with the enquiry, detectives believe that there may be more victims involved who have borrowed money from the suspect and handed over their passport.
Anyone who has information or whose passport has been taken should contact DC 338 Stacyann Stewart at 324-0684 to assist both with the investigation and to get their passports returned.
Category: Crime
Well according to the passport law any person who parts with a passport for unlawful purpose or through wilful neglect allows that passport to get into the hands of another is guilty of offense and can be charged up to $1000 or imprisoned for 12 months….. sssssoooooo the borrowers are worst than the lender at this point
Why has NOT the RCIPS Disclosed the name of this "Loan Shark" individual OR Business???
Is this because this "Shark" is of a certain Nationality?
Use the money and apply for a new passport.
I’ve told that there is a Filipino on the island that lends money to other Filipinos and charges them 10% per week. I wonder if this is the same person.
Even more criminal are banks that pay less than 0.1% on a seven figure cd……..
The people who get these loans already know that they will not get their passports back if they default on the loan, so why they complaining if they haven't paid the people back? Ah boy. A passport should not be used as security because it is national identification anyway.
We will see more of the cunning and conniving as economic times become hard for many people. Self-interest alone excluding the world is one of the greatest ills of humanity. There are people who know you are desparate for a job and so would take your passport, fly you off to another country you know nothing about like Dubai to build their palaces, and you not knowing the full deal find yourself forceably having to work for them with no recourse of ever getting back home. There has been stories of this happening in Dubai. And in Bangladesh I understand that if you are sick and don't show up for work, they send their own secret troops to drag you out of your abode and beat you for not showing up. Companies from prosperous countries go to places like Bangladesh and African countries and use women and children, paying them low wages and the government authorities of these countries are paid to allowed it to happen. Like the Bible has declared, "For the LOVE OF MONEY [or personal gain] is the root of all evil…" Governments of the world are to protect and serve their citizens as well as the innocent and vunerable. If the love of money, big government, and unregulated capitalism have its sway; and if the politicians represents only big entities, excluding the interest of ordinary people of these islands for their personal and political interest, we will become like those countries where all manner of employer-employee abuses will usher out of a pandora's box. We must pray and religiously act to ensure this doesn't happen to Caymanians and non Caymanians alike. We are not for sale and we shouldn't allow anyone take advantage over us because of desperation. The Christian has raised the standard of human dignity, "God made Us." And psalmist says "we are fearfully and wonderfully made in the image of God." Certain of our elderly still alive can tell you that from old days, we have always believed in a powerful God and placed our trust in no else but Him for our food, our fish, our shelter; God was always first place and if we are in need of anything He always did look out for His own. So we don't need to sell our souls to any devil that is out there. To all – Have faith in God and in yourselves!
Would your god ever dictate that the wealthier members of the flock raise the minimum wage for the less fortunate masses? Or is it enough to make them share some bread and sardines?
It’s called hard time rcip!
Give them back their passports if they have paid their debt. They should've known when they were getting the money, whether they could repay or not. Some of them won't pay the banks, and they claim their houses. What are the lenders going to get? When the Police bring the money, give them the passports.
For quite some years now we have been hearing of Hondurans loaning out big sums of money with such a high interest. Cant believe that it is so .
That's just about every mortgage holder on the island…
Why has there been no arrest? Is this person licensed to conduct this business? if not it would appear they are guilty of money laundering under our proceeds of crime law. Oh hell, no one really cares!
I the Banks would help the poor people this would not happen, Good for them more of this need to happen THE CAYMAN PEOPLE ARE SUFFERING HELP THEM THEN THIS WON'T HAPPEN
Banks only lend money to people that they can assure will give the money back, im sure you would do the same.
I can admit the interest rates tend to be ridiculouly high but at the end of the day its a business and they still need to make a profit. It's up to tth eborrower to determine whether they want to pay this interest rate back or not and if they dont qualify then, tough.
Why would lending to allow you to live beyond your means be considered help?